Data from the Central Bank of Russia shows 60 percent of Russia’s external debt in August is in US dollars, the lowest since 2014.

Experts say foreign sanctions and central bank policy are making loans in rubles more attractive than in dollars. Rates on ruble deposits are also more attractive than foreign currencies.

In June, Russia reduced its investment in US Treasuries by $5.8 billion, dropping to 14th place among the largest holders of the US debt with $101.9 billion.

However, while loans in rubles are becoming more popular, it’s too soon to say if the Russian economy is ready to live without dollars.

“You need to look at the share of foreign currency deposits. In retail, there is no big decline, the share of foreign currency deposits remains at 23 percent, it is quite stable over the past year,” said Alfa-Bank chief economist Natalia Orlova in an interview with RIA Novosti.

Last week, Deputy Foreign Minister Sergey Ryabkov said the Russian government would intensify efforts to cut the country’s dependence on US payment systems and the dollar as a settling currency.